Opec production has started 2020 at basement levels as the impact of output restrictions and the Libyan conflict took their toll. Production from the group averaged 27.62mn b/d in February, the lowest figure since September 2003. Output even dipped below the 27.72mn b/d averaged in September 2019, when Saudi Arabia’s output was slashed following the 14 September Abqaiq attack (MEES, 4 October 2019).
February output was down a massive 630,000 b/d month-on-month thanks to the continued collapse in output from Libya. The North African producer’s output dropped 700,000 b/d as the full impact of port shut-ins was felt. This was partially offset by a 120,000 b/d increase from Iraq to 4.51mn b/d which put Opec’s No.3 producer some 50,000 b/d above its Q1 production allocation. (CONTINUED - 759 WORDS)